Week 17. Invention, Intellectual Property and Business Models
This week’s assignment is to disseminate my final project and prepare draft of summary slide and video clip.
Dissemination Plan
This is a crucial phase in sharing the valuable concept and outcomes. It includes effectively presenting the project’s findings, methodology, and achievements to the fab community as well as those audiences who are interested in such projects. A well-crafted dissemination plan will make sure that the work is seen by the right audience, raises awareness, and makes a meaningful impact.
Invention
An invention is a novel creation or discovery that introduces a new concept, process, device, or product. In our case, we can’t call it an invention. What we do here is an innovative product only. Here, I’m attempting to create a mechanically operated convertible furniture. Convertible furniture is a concept that has been around for a while. But in this smart world, I’m attempting to make furniture smart as well. This may be characterised as an innovative concept.
Intellectual Property
Before discussing Intellectual Property (IP), the term WIPO comes into picture.
The World Intellectual Property Organization (WIPO) is the global forum for intellectual property (IP) services, policy, information and cooperation. They are a self-funding agency of the United Nations, with 193 member states. There mission is to lead the development of a balanced and effective international IP system that enables innovation and creativity for the benefit of all.
Intellectual property (IP) refers to the legal rights and protections granted to individuals or entities for their creations or inventions. It encompasses various forms of intangible assets, including inventions, artistic works, brand names, logos, designs, and trade secrets. Intellectual property rights provide exclusive ownership and control over these intangible assets, allowing creators to benefit from their work and prevent others from unauthorized use or exploitation.
There are several types of intellectual property rights:
1.Patents
A patent is an exclusive right granted for an invention, which is a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem. To get a patent, technical information about the invention must be disclosed to the public in a patent application.
2.Copyrights
Copyright (or author’s right) is a legal term used to describe the rights that creators have over their literary and artistic works. Works covered by copyright range from books, music, paintings, sculpture, and films, to computer programs, databases, advertisements, maps, and technical drawings.
3.Trademarks
A trademark is a sign capable of distinguishing the goods or services of one enterprise from those of other enterprises. Trademarks are protected by intellectual property rights.
4.Trade Secrets
Trade secrets are intellectual property (IP) rights on confidential information which may be sold or licensed.
5.Industrial Design
In a legal sense, an industrial design constitutes the ornamental aspect of an article. An industrial design may consist of three dimensional features, such as the shape of an article, or two dimensional features, such as patterns, lines or color.
Refer More on Industrial Design
Intellectual property rights are essential for promoting innovation, creativity, and economic growth. They incentivize inventors, creators, and businesses to invest in research, development, and the production of new ideas and inventions. Properly protecting intellectual property allows individuals and organizations to safeguard their work, generate revenue through licensing or sales, and maintain a competitive edge in the marketplace.
We are not inventing anything new in our project, so patents are not an option. Trademarks and copyright are optional; this includes things like logos and branding. The main thing we can focus on is licencing our project. There are numerous open source licencing options on the market, some of which Fab recommends are as follows:
The FAB Licence is a new one established for the FAB LAB and inspired by the MIT Licence. And since this licence is so straightforward, it can be used for initiatives that are minor in scope or for which a commercial outcome is not planned.
In my project, I don’t want to commercialise this product; instead, I want to learn more by collaborating and discovering an opportunity in the smart furniture industry. So I decided to take the Fab License for my project.
Income & Profit
In today’s environment, no one can escape paying bills. So, everytime we create something, we should consider how to get earnings from it. Without a healthy income, nobody can live a long life, which gradually reduces the possibility of exploring new creations. So we should find a way to get an income in one way or another.
In my project, I do not intend to directly sell this product; instead, I wish to investigate the opportunities presented by this concept. Additionally, research the market by partnering with organisations that share same viewpoints. Also, I am looking for ways to create a business that is solely focused on smart and convertible furniture.
Future Plans
For the time being, I plan on focusing my time to developing a couple of products with the same concept and coming up with a business idea for smart & convertible furniture. and eventually earn money from it.
But the future of such a business is bright since the cost of living in major cities continues to rise, forcing even the upper middle class to consider buying smaller apartments. As a result, the potential for space-saving furniture expands. Additionally, the evolving workplace culture gives us a chance to create convertible furniture using cutting-edge technology.
Presentation Slide & Video
For this, I wasn’t ready with a slide & video clip since my project was in design stage only. SO I quickly made a dummy slide & video clip to upload as per the specification mentioned.
Once the project was ready I redesigned both and replaced both files.
